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fiscal cliff hello debt ceiling. >> the fiscal cliff fight was ugly but will the debt ceiling struggle be eveninging uglier. >> hard to believe but this could get uglier. [ laughter ] the government is aetch perfecting the legal limit for how much kit borrow also known as the debt ceiling. republicans can demand that the president make spending cuts or we'll hit the debt ceiling and go through it. [ laughter ] or get crushed by it or you know what? we might have to make a skylight in it. sounds nice. it's pretty but they rarely get caulked properly and when it rains, it drips and ruins your sisal carpet. the republicans are clearly in a strong position but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and a congressman are suggest a $1 trillion platinum coin could be minted and the government could use it to pay the debt, avoid default and preempt the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. it was right in his slogan. change.
threats to breach the debt ceiling is very scary, it will be about life after default. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> is the biggest national security threat facing the pentagon actually out of control spending? up next, why cutting the defense budget is job number one for the defense secretary, barney frank will be our next guest. >>> and later, the drama sounding the so-called trillion dollar coin. so, we all set? i've got two tickets to paradise! pack your bags, we'll leave tonight. uhh, it's next month, actually... eddie continues singing: to tickets to... paradiiiiiise! no four. remember? whoooa whooaa whooo! you know ronny, folks who save hundreds of dollars by switching to geico sure are happy. and how happy are they jimmy? happier than eddie money running a travel agency. get happy. get geico. fifteen minutes cou
, i'll explain more about why the republican threats to breach the debt ceiling is very scary, it will be about life after default. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. fourneau. >>> is the biggest national security threat facing the pentagon actually out of control spending? up next, why cutting the defense budget is job number one for the defense secretary, barney frank will be our next guest. >>> and later, the drama sounding the so-called trillion dollar coin. ♪ ♪ ♪ we're lucky, it's not every day you find a companion as loyal as a subaru. love. it's what makes a subaru, a subaru. >>> the controversy over chuck hagel has been all about high-level strategy. our relationship with israel, our negotiations with iran, whether we should have gone into iraq at all. and
've also said, senator cruz, that you are prepared to use the debt ceiling vote as a bargaining tool. but some look at that and they say, you could be risking the downgrading of u.s. government debt, u.s. government bonds again. >> you fast forward to the debt ceiling. i think that's the mirror image of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and saiwe need to be responsible. >> woodruff: let me ask you about a couple of other issues. that
in boston yesterday. >>> to our top story a debt ceiling disaster could be coming sooner than expected. a new report by the bipartisan policy center says without congressional action the u.s. will smash into its borrowing limit as early as mid-february. are we doomed to default or will lawmakers be able to get the ball rolling and solve this crisis? i don't know. we have a money power panel to help us sort it all out. the former tennessee governor, phil bredesen, from the fix the debt committee. douglas holtz-eakin formerly of the cbo and evan bayh, former senator and fox news contributor. wow what a power panel. i hardly know where to start. phil, you think it is appalling we gotten this far. why? >> i just think play games, the political games with the faith and credit of the united states is a crazy position to be in. like playing with fireworks and playing with matches in a fireworks factory or something. i understand the need to deal with entitlements and to reduce costs on that but there are other ways of doing that. there is the whole sequester thing coming up down the road. i j
with a conversation about politics and economics and debt ceilings and fiscal cliffs and sequestration with david leonhardt of the "new york times" and austan goolsbee, former chairman of the president's council of economic advisors. >> there's much less of a sense in obama that he can get the grand bargain. although he's still trying. he and boehner both are. i think he's much more cynical about what republicans will agree to and i think he's come to think that many of them won't do anything with him. >> rose: national security, politics, and the economy when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. poop announced his picks for two of the most important national security positions earlier today. for secretary of defense he nominated former republican senator chuck hagel. he chose counterterrorism advisor john brennan to head the c.i.a.. >> chuck hagel is the leader that our troops deserve. he is an american patriot, he enlisted in the army and volunteered for vietnam. as the young private and then sergeant he served with ho
democratic leaders insist revenues will be needed. the deal also did not tackle the impending debt ceiling, a debate that will likely consume congress in the months ahead. joining me from washington, david leonhardt, he is the washington bureau chief of the "new york times." from chicago, austan goolsbee, a professor at the university of chicago booth school of business and previously chairman of the president's council of economic advisors. i'm pleased to have both of them back on this program. david, let me begin with you and tell me exactly where you think we are having that january 1 up to the last minute deal. what is the order of business for the executive branch and the legislative branch to do something to develop some sense of predictability and certainty and a road map for the future. >> well, we just missed a pretty substantial opportunity thief happen because i think the bigger deals that were on the table that president obama and speaker boehner were talking about would have removed some of these up coming deadlines, like the debt ceiling. and they didn't get one of those bigg
of the debt ceiling and i guess by definition, your party, and stammerin and yammerin? >> let's get 16 of them and say goodbye to the debt. think what they could print aluminum coins and say they are worth a trillion dollars. we need to do something to do with run away deficit spending. >> neil: we never do. many argue that your party had a chance in the latest cliff deal and was to settle it? >> we have resolved the tax hikes. now, the issue is spending. i wish we could have. i wish we had a president that would have agreed there was a spending problem. he told the speaker he doesn't think there is a spending problem. last thing we need for treasury to mint a new coin made out of platinum that would weigh, 44 million pounds. i would sink the titanic. you know, this is the kind of things going on in d.c. that we have to draw attention to. >> neil: i hope cooler heads and calmer and less crazy heads will prevail. >> good to be with you. >> neil: invoking an amendment to seek racial equality will -- with debt piling up, pat gudell it's not a wonder that americans are not rising up. >> this is he
trillion in new revenue as we near the debt ceiling. the prospect of sequester cuts obviously facing us. the export -- expiration of funding. joining us now, republican strategist and a former political director, former fox news contributor. good to have you here. he says there is not a problem with israel or his record on iran. he is a good fellow ready to do a good job. >> i was struck by the president's language in nominating him, saying that he represents bipartisanship. of course, what the president means is he is a republican agrees with me. the problem is, he has no support among republicans, and i think a lot of democrats will be troubled by some of the things as the said. he is going to have to put up the good fight for himself to when this. lou: are you surprised. the newly elected senator from the grace to the texas who is sort of out there even ahead of the other senator from texas, john corning, just running away with this nomination. >> he is a very effective guy. he beat the establishment candidate in texas. a tremendous campaigner and will be there for a long time in tex
'm going to tell you why i think a debt ceiling and government shutdown, bad idea. i'm going to show you a better way. the "kudlow report" begins right now. . >>> first up, amid allegations of anti-semitism and antiisrael sentiments, president obama nonetheless nominated former republican senator chuck hagel for the position of secretary of defense. that today, also reportedly soft on iranian sanctions. so is there any truth to these charges? here to discuss eliot abrams, a senior fellow at the council on foreign relations. eliot, happy new year and as always, welcome back. are these charges -- is there merit to these charges? first of all, anti-semitism. >> look, i can't read his mind. i can only go by the public record. the public record suggests he's got a problem with jews, frankly. there's reports from the members of the tiny nebraska jewish community that they never had a politician in nebraska who was so indifferent, their word, indifferent to the community. who took no interest, who was completely nonresponsive to any requests they made. there's a beginning. then you have these q
to have to deal with for secretary of defense. we have the budget, we have the debt ceiling looming. we have the legislation that's basically funding the government in the be absence of a budget. we have all of these things that are coming up. the government shutdown clock is already running and all of this stuff is going on. jamming firearms legislation, anything that addresses gun control, which remains restrictions on guns remain politically unpopular, people are-- feel good about restricting access for the mentally ill, america remains mostly, and it remains daunting. >> megyn: initially we were told they were looking at everything. am some people are looking at things other than gun control. secretary sebelius of the health and human services department will have meetings with mental health and disability advocates, or at least a meeting. the education secretary arne duncan is going to meet with parent and teacher groups, but the vice-president is devoting his time to the gun issue and i guess secondarily to the video game and movie issue. now, i mean, is this going to be a gun --
shutdown and debt ceiling and all of that, so why bother? >> first of all about the debt ceiling this is really important. if we have reached the debt ceiling what that means, bill, is we can't borrow any more money. none the less the tax receipts under the tax laws we now have would continue to it bring in about 60% of the money needed to fund the government. which means that you -- that about 40% of the money would not be there you would have to find a way to shut down 40% of the government so you wouldn't have a way to finance it. that leaves plenty of money by the way, 60% to cover any payments on the national debt. they are only 6 or 7% of spending. when you talk about defaulting on our debt, it's a total red herring. >> bill: but, what happens is that moodies and other financial institutions that grade america's investment capability and whether people should invest here will downgrade like we saw last year. so, i don't understand why president obama, if he knows what you just said and what i know that the republicans are never going to go for another tax increase. why both
. according to fresh numbers, the u.s. could hit the debt ceiling by early as mid february. john harwood explains all the details, a couple of reasons to go and visit that website this morning. cnbc.com. >>> still to come, why property is up at samsung electronics, but the share price is down. see you in a moment. >>> welcome back. alcoa gets the earnings reports started today. slower growth in the economy, the eu debt crisis and superstorm sandy are expected to top issues. take a look at shares this morning. before the report, they're down .75% in frankfurt. so trailing the 34k9. they have been roughly flat over the last few months. james is a huge fan of werings season. you're so excited about this one, i know. >> i live for the wering hes season. you could spend almost your entire time -- >> there's only about three months of the year when you're not engaged in looking at earnings. >> ask you're probably on holiday. >> and are we too focused on werings season? >> samsung, earnings results up, share price down. if you think earnings is relative for share price performance, it isn't. we
about the debt ceiling. does this threaten what's happening with the stock market? > > if it does, it threatens it for very short periods of time, and then we get buyers who come in and buy those breaks or those drops in the market. the fiscal cliff was a good indication of that. markets, while they took hits, those hits got bought very quickly, and i think you'll see the same thing happen now. > and slowly but surely the euro is heading higher. why is that larry? > > we saw at the euro drop so much, and obviously europe was dealing with so many problems, things don't - markets expecially - don't move forever, and i think this is just a recovery. had a whole lot of people short, and some of those shorts are starting to pop out. and the higher the market goes, the more shorts will come out of it. > good to have you on the show. that's larry levin of trading advantage. > > thank you. in our cover story, bank deals here and across the pond. bank of america is among ten banks that reached agreements with federal regulators over foreclosure abuses. the settlement includes billions of c
debt ceiling deadline, more republicans come out in support of a government shutdown. the gop's misinformation campaign continues. john nichols joins me with that discussion. >>> and later, the white house has a tough road ahead on gun control. now the administration is getting pushed back from some democrats. i'll talk with val demings, former chief of police in orlando, florida. stay tuned. [ female announcer ] going to sleep may be easy, but when you wake up in the middle of the night it can be frustrating. it's hard to turn off and go back to sleep. intermezzo is the first and only prescription sleep aid approved for use as needed in the middle of the night when you can't get back to sleep. it's an effective sleep medicine you don't take before bedtime. take it in bed only when you need it and have at least four hours left for sleep. do not take intermezzo if you have had an allergic reaction to drugs containing zolpidem, such as ambien. allergic reactions such as shortness of breath or swelling of your tongue or throat may occur and may be fatal. intermezzo should not be
the supreme court involved in the debt ceiling, and we will take you to the annual gathering of each and gadgets that the consumer electronics show in las vegas, including the world's first smart fork. i'm not making that up. they say it will appeal lose weight. stay with us. ♪ ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. whatever your business challenge, we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. gerri: we are covering in like a blanket. what is the craziest new invention? you're going to want one and will show you next. ♪ gerri: the world's biggest annual consumer electronics trade
of budget battles when congress would be asked to increase debt ceiling. >> congress can limit the debt. and should not allow the e a budget plan from the white house. and the democratic senate. >> but they would prefer congress sort out this. >> this is not a deal that the white house is going to have. >> that will continue. >> mike emanuel live on the north lawn. thank you. >>> european union warns of new divide in continent between rich and poor. the unemployment numbers peak and the social welfare systems spray. amy kellogg has disturbing job news from london tonight. >> the euro zone unemployment average reached all-time high of 11.8%. up from 11.7 in october. in country like italy, the situation is particularly dire. youth unemployment registered to 37%. >> here they are lined up with jobs accusation center. >> i don't have any trust in my country. absolutely not. no way out. we have our backs against the wall. either you leigh, if you stay here you are condemned. >> some blame the austerity measures that led to violence across the continent for aggravating the employment situatio
and everyone is looking at the u.s. saying how will the u.s. cope with the next thing which is the debt ceiling in the revolution, in my view, is on our hand but eeve got to get it volumed of. otherwise, we will continue to destroy confidence. >> what's your expectation for tween in the u.s., klaus? >> given the washington dysfunction. the washington dysfunction will hopefully come to more common sense, and i hope churchill is right this, that we try out everything before we find the right thing. won't be good that we found it now, sooner rather than later, because the whole debate has been going on for too long. when you look at end market, some of the things we see in the u.s. are pretty encouraging. aerospace, a very important stli for us as well as for the u.s. i mean, it's going strong. continuinging to strong. airbus needing more than eight years continues. automatic. great last year and we see this year could be another good year and a lot of people are talking about build rates, car values going to 2007 level and after four years of total nothingness in this market. building in construc
, busting through the debt ceiling would be time. it is time to admit that america is a bit of a ludicrous banana republic. this is really bad options of managing our affairs. that is a grim conclusion, by the way, that means bond prices will go up, not as much as in default. but it is a grim conclusion that fits the evidence. of course, there is another option, republicans could just do what the congress of the united states is supposed to do. they could pay the bills it has racked up. and if it wants to pay fewer bills in the future and spend less money it can cut spending or raise taxes, which it writes the next budget. you know, the time you're supposed to do that. you know the way we have been doing it of the nation's history before john boehner and the republicans took over the house, during the entire rest of the nation's history when we never came close to purposely faulting on our deletes when we weren't a ludicrous banana republic? the last word for tonight. the ed show is up next. >> good evening and welcome to new york. the republicans are whining about the president's choice f
is happening. greg palkot, thank you jenna: the bipartisan center says we'll hit our debt ceiling much sooner than we thought. our national debt is surging past the $16 trillion debt limit and the treasury department says special accounting moves, special accounting moves can keep the government running until sometime in march but that may no longer be the case. charles payne from the fox business network. charles, when you hear special accounting moves you wonder what does that mean exactly? >> well the treasury has a special emergency boar rowing capacity up to $200 billion. we're eggs essentially buying a little bit of time. on march 1st we owe $83 billion. there is whole lot of other things. put it this way. between february 15th and march 15th weho owe, america owes about $450 billion. we'll be taking in 277 billion. that leaves a big gap. >> certainly does. when we have our own credit cards, charles, we can't just say oh, i will extend the credit limit because this month i want to buy a little more than last month. can you explain to us the process that one country can extend its own cr
connell. mcconnell wouldn't take the debt ceiling off the table, but he wouldn't commit to doing it. and when you have boehner saying it's a better point of leverage with sequester, he's politically wrong about that. sequester is terrible, terrible program cuts. but it's a lot less horrible than the debt ceiling. so any time you're thinking that you have to bargain over that, you are bargain around that and the president can stand firmer on that than he could, i think, on the debt ceiling crisis. so i think his strategy of saying i'm not going to negotiate with you on that is paying off. >> now, jared, it was interesting to me when newt gingrich who did close government in the '90s, newt gingrich predicted that the republicans were in on this. watch this. >> everybody's now talking here comes the debt ceiling. i think that's frankly a dead loser. because in the end you know it's going to happen. the whole financial system is going to say this will be a gigantic problem. you can't be responsible. and they'll cave. >> when you have newt gingrich saying they'll cave. and newt gingrich did this,
does. >> the fundamentals certainly could drive things, even though we've got that debt ceiling, the washington dysfunction. right now we're all about earnings. that certainly will be the near term catalyst. let's get this new information though. how about this for a prediction? a market crash coming in the third quarter of this year, and the u.s. is head for bankruptcy? >> that's how harry dent -- i was so taken aback. >> that's how harry dent of h.s. dent investment manager says happy new year and the author of "the great crash ahead, strategies for a world turned upside down." harry, come on, man. i mean, you've seen those guys on espn say come on, man. that seems a little bit over the top, doesn't it? >> how many crashes have we seen in the last ten years or so? 2000, 2002, bubble, crash. 2007, bubble, crash. we're getting a bubble and crash about every four or five years, so this is what we have when you go over a demographic cliff. remember japan? think back to japan. japan went over the demographic cliff, peak and baby boom spending, peak real estate boo. they had a bust.
the debt ceiling, but if we don't raise it without a plan to get out of debt, while the should be fired. >> even to get rid of some of the special interest tax rates,. >> if you are a republican trying to get good media coverage, you're playing the wrong bit game that is the only time that you have leverage. if you don't raise the debt ceiling right away, it's not defaulting on their loans. the treasury secretary can cut other spending. it is basically a government shutdown. republicans have lost that in the past. but i think unless there is something that the president has to lose, you don't have any leverage in the spending cuts. gerri: you know, the far left and far right will think that that -- well, the different analyses of wh happened. they think will lives lost in the last debate what do you make of that? the republicans wee in a much weaker bargainingposition. what speaker boehner was doing anything that taxes went up midnight on december 31. he actually got a tax cut compared where would've been. everybody else was going to get higher income taxes and they didn't. in this case
need it the most a coin can be our best friend ever. now as the united states reaches its debt ceiling limit, could one coin, one single coin help us avoid another big congressional fight? if there was a pill to help protect your eye health as you age... would you take it? well, there is. [ male announcer ] it's called ocuvite. a vitamin totally dedicated to your eyes, from the eye care experts at bausch + lomb. as you age, eyes can lose vital nutrients. ocuvite helps replenish key eye nutrients. ocuvite has a unique formula not found in your multivitamin to help protect your eye health. now that's a pill worth taking. [ male announcer ] ocuvite. help protect your eye health. 17 minutes past the hour. police ending a ground search for a missing florida skydiver. last seen on a thursday during a jump, kurt ruppert disappeared after leaping from a helicopter over the cascade mountains in washington state. search crews had been looking on the ground all weekend. they will continue a search from helicopters. he was wearing a wing suit which lets you flied through the air before deploying a
not reality? >> no, i actually think they have a great deal of leverage. it's not just the debt ceiling but the sequester and the continuing resolution that funds all of the government, all of which hit within basically 60 to 90 days. i think that does give that and plus, i think the public knows there needs to be serious spending cuts and entitlement reform. we're on much firmer footing than before and much more united as a party. it's up to the president to make pretty serious concessions. >> is the boehner rule going to be in place here, the boehner rule being every dollar raising the debt ceiling will require one dollar of spending cuts over the next ten years. do you think john boehner can deliver on that to his party? >> i think he absolutely can deliver. he delivered on it last time. i think he'll be able to do it again. this is actually a fight with republicans not only anxious for but needs to happen. the president has presided over four $1 trillion deficits in a row. never presented a budget that any member of his own party was willing to vote for. the democratic senate hasn't
cuts, the debt ceiling, and a continuing resolution to fund the government. there are also two pieces of legislation that embarrassingly congress dropped the ball on last year are, relief for victims of hurricane sandy and renewal of the violence against women act. there is the farm bill that sets farm subsidies and food aid for the poor. there is postal reform, as the usps hemorrhaging $25 million a day and may need a bail-out, and the pie in the sky, the if only they could get their act together and actually do something wish list items, meaningful changes to the nation's gun laws and immigration reform, which the 11 million undocumented workers in this country are counting on. more than just a full plate, this is a jam packed enchilada of responsibility. joining us now from washington is the sade of capitol hill, boat shoe enthusiast and my celebrity dopplerleganger, nbc's luke russert. a man, i will say, who does not really take a vacation, luke. you have been in the trenches this whole holiday season, my friend. >> yeah, but thankfully the united states congress, the 113th got of
. >>> republicans think the debt ceiling law is there to police government spending. i'll tell you why they're wrong and big surprise here, rush limbaugh talking out of his elbow again. i'm ali velshi. this is your money. up first, aig. >> we repaid every dollar america lent us. >> everything, plus a profit of more than $22 billion. >> for the american people. >> thank you, america. >> helping people recover and rebuild, that's what we do. now, let's bring -- >> aig, the massive insurance company that was at the center of the 2008 financial crisis was taking those ads to thank america for having its back and reminding us in not so subtle terms that taxpayers earned better than a $22 billion profit on the $182 billion bailout that aig got from taxpayers. now, i don't know what you do when you're grateful for something, but i'll tell you what aig is considering doing. biting the hand that fed them. aig's board is considering joining a lawsuit brought by shareholders in 2011 against the u.s. treasury department and the federal reserve that claims the $182 billion bailout was unfair to shareholders. whe
of february or march to figure out the debt ceiling problem? well, perhaps. not so much actually. the new warning and the risks of a u.s. default. ♪ . >> good afternoon, i'm sandra smith with your fox business brief. richard chech ham is trying to shine a light on dark pool trading. they are expected to set up dark pool enforcement this year. they are private trading venues that allow buyers and sellers to post orders hidden from the rest of the market. >>> boeing shares are down after another one of its 787 dreamliner planes operated by japan airlines gets grounded before takeoff. the plane returned to the gate at the boston logan airport due to fuel leak. yesterday a different 787 experienced a fire at the same airport. >>> gamestop shares are tumbling after forecasting a bigger drop in same-store sales from 2012. sales were down 4.6% from a year earlier. that's the latest from the fox business, giving you the power to prosper. lori: never know looking at interest rates but there is new urgency on the debt ceiling debate after a just released report warning the u.s. government may def
hagel as they want them to focus on what's happening with sequester and the budget and debt ceiling and other things that have direct impacts on people's lives. from a policy standpoint, does this come down to bush era neocon, that reminds them that he opposed the war. >> he did oppose the surge. for republicans this is about somebody whom they disagree with on policy and never liked that much in the senate because he wasn't the kind of senator that had a lot of friends, that played the relationship game at a high level. and so it's not like he has solid friendships that can help republican members of the senate who serve with him overlook their policy disagreements with him. ultimately, i expect senator hagel to tell members -- to tell the senate and tell republicans that he is there to do what the president asks in addition to providing his own honest counsel which we know will generally always be private. he will get roughed up and it will be good theater for us and ultimately he will be confirmed. my only caveat, he's been successful as a bisz man businessman before in the senat
our bills. christine romans, what do we do about this? >> well, you have to raise the debt ceiling. by law congress can only spend so much money and rack up so much debt. we hit that ceiling on february 15th according to the policy center. on that day, the inflow into the treasury coffers, $9 billion. imagine this like your own checkbook. on that day you have $52 bill chron in bills due. >> we've got a big -- >> so break that down for me. in that set of bills, what's due that day? >> well, the biggest part of that committed spending is $30 billion interest on our debt. we have to pay the interest, or we are in default of our obligations. we borrow money every day just to run the country as it is. >> just look at that top picture you have about 30 billion would be the mortgage payment and all of those littler numbers would be the expenses. >> these are things that people wee lie on. it's a friday, it's payday, so federal salaries and ben felts. medicare and medicate, defense vendors going paid on the 15th. these are things that in theory, if you don't raise the debt ceiling, the gov
department said they were taking "extraordinary measures" to put off default. the debt ceiling debate is set to be the next big showdown in washington. both republicans and democrats have vowed to hold firm in their position. >>> and speaking of government spending, a report published monday says the obama administration spent $18 billion on immigration enforcement last year, more than on all the other federal law enforcement agencies combined and 15 times greater than immigration spending in 1986. the nonpartisan research group the migration policy institute says immigration has become the government's highest law enforcement priority. among those likely to be unhappy with that report, critics who say the administration has been soft on immigration violators. >>> after weeks of recovery from a concussion that led to a blood clot in her head, secretary of state hillary clinton was back in action monday as clinton presided over a state department meeting, her staff welcomed her back with a gag gift, a football helmet with the state department seal on it. she also got a football jersey with th
about the debt ceiling and one issue we've not talked about on this show yet is what i think is a crazy idea, but i think you know where i'm going with this about this platinum coin that everybody is talk about. about whether the treasuries get over the debt ceiling, can actually mint a platinum coin worth $1 trillion and call it a day. but i feel like it's getting transaction in weird places. >> well, among politicians, so there's your point. look, here is a couple problems i have with it. one is that the fed is not allowed to buy platinum. so how does the money get created? the government can print whatever it wants on any coin it wants. it's a clever idea. gold coins work and the amount of gold is more than ta face value so you never sell it at face value. so you would have to have a coin that would be worth more than $1 trillion after you melt et down and -- >> but would that convince anybody that we have any situation on what's going on and we've managed it? >> absolutely not. and the person who came up with this idea would be the first to say that. >> who came up with it? >> i don
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the government again if they don't get their way in the upcoming debt ceiling fight. did he forget who won the election? this is "hardball," the place for politics. progresso this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. stress sweat is different than ordinary sweat. it smells worse. get 4x the protection against stress sweat. introducing new secret clinical strength stress response scent. >>> i just saw a great movie, "silver linings playbook" with bradley cooper, robert de niro, and jennifer lawrence. i select "silver linings" as one of the five great philadelphia movies of all time. i know, there's "rocky" the first one although "rocky iii" was pretty darn good. there's "the philadelphia story" starring katharine hepburn and carey grant and jimmy stewart. then two other favorites, "witness" with young harrison ford as the
with that. >> senator, what are you going to do for the debt ceiling? is there a plan that gets us -- it's not going to be a grand plan. >> as a matter of fact, yes. the cbo has got a big thick book, and it shows $4.9 trillion of ways we can reduce spending. it's a menu. >> but you don't think we'll be doing that. are you going to vote for -- >> we'll do dollar for dollar, whether $100 billion to increase the debt ceiling, $200 billion. take your pick, mr. president. >> thank you four a great two hours. "squawk on the street" begins right now. >>> congratulations to the alabama crimson tide, winners of the bcs college football championship for a second straight year. a third time in the last four years. what a run. it good morning, welcome to "squawk on the street." i'm melissa lee, live from the new york stock exchange. let's see how we're setting up on this tuesday morning. the futures look like we're tulg back here. t take a look at the picture. interesting economic data points out over there. eurozone hitting a record high. but a measure of consumer and business sentiment actually ro
confirmation will be anything but easy. >>> and we have a date. the u.s. could default on the debt ceiling earlier than expected. what it means for you. >>> and an exclusive exchange when piers morgan sits down with a man who wants him deported. >> 1776 will commence again if you try to take our firearms. >> more from that, coming up. >>> members of the championship crimson tide football team, mike xwnch olic, and mike greenberg. mike buttry. talk about addiction with patrick kennedy and christopher kennedy lawford and the former university of texas track coach, bev kearney will join to us talk about her lawsuit against the school. tuesday, january 8th. "starting point" begins right now. welcome back, everybody. "starting point," a crimson tidal wave fair to call it. alabama crushed alabama, 42-14 was the score at the end of it all. won the bcs national championship. the game was pretty much over, kind of not long after it started. alabama scored the first three times, and led 28-0 by halftime. the tide has won two straight national titles, three of the last four titles. carlos diaz in mia
, is a bikini thing. stuart: we've got to go, i'll tell you about the new debt ceiling date. stay right there. [ male announcer ] where do you turn for lel matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected. >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect what matters most... [beeping...] helpinstop crooks before your identity is attacked. and now you can have the most comprehensive identityheft protection available today... lifelock ultimate. so for protection
about a month away from hitting the so-called debt ceiling the point where the government can't pay bills. the next treasury-secretary is key to make sure that doesn't happened but lew's intelligence on is raising red flags. during the last debt ceiling battle, lew clashed with the g.o.p. now he'll face some of those same lawmakers could be a very tough confirmation battle. what did the white house press second say about this. >> jack lew is the chief of staffed has served in a critical role for on this administration as director of the office of management and budget. a well known figure both here at the white house and throughout washington for the past four years. for more, here is jay carney. >> i would simply say that the president is obviously engaged in a process that will lead to decisions on who should fill posted or vacant. as was in the case this week with the defense department and c.i.a. and prior to that the state department, he will make announcements when he has made a decision. >> that would be press secretary 101, do not get out ahead of the president of the united
now envisions a fight playing out in a series won't that be fun? we can have a debt ceiling crisis every week now. >> that's leadership. >> stephanie: yes. unless obama agrees to trillions of sending cuts outright. if cracks are forming in the republicans offensive, democrats don't have to resort to unconventional means. we'll see what adam schiff thinks about this. because he knows a little something about something. >> he does. >> stephanie: bob in boston you are on the "stephanie miller show." hi, bob. >> caller: how are you doing? >> stephanie: good, go ahead. >> caller: any time people want to put guns in schools, why don't you just respond by saying fort hood. >> stephanie: yeah. >> caller: how come so many people died at fort hood at the hands of one shooter. >> stephanie: columbine also there was an armed guard. yeah, that's just a ridiculous idea. >> uh-huh. >> stephanie: that's just dumb. okay. twenty-nine minutes after the hour. charlie pierce next on the "stephanie miller show." ♪ i think the number one thing that viewers like about the young turks is th
pelosi wants president obama to use the 14th amendment to raise the debt ceiling and dodge a legislative showdown. >> if i were the president i would use the 14th amendment which says the debt of the united states will always be paid. >> you would go ahead and do it? >> i would go do it, right. but the congress has incurred much of this debt. we incurred it but we're not going to pay it. if you want to say we're not going to do it so much in the future, that's another thing. but you can't say i'm not paying my past debt. >>gretchen: is that even legal? i'm joined by fox news judge napolitano. i know this is the kind of stuff that gets your blood boiling because you're a big defender of the constitution? >> mrs. pelosi has taken a small phrase in the 14th amendment and extrapolated it beyond its orpblg into the meaning. the phrase says the debt of the united states shall not be questioned. it meant shall not be questioned by the states. a little bit of history. the civil war is over. the seceding southern states are brought back into the union. when they come back into the union they have
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